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ETFGI United States ETF/ETP Industry Insights, May 2012
June 11, 2012--Summary for United States listed ETFs
At the end of May 2012, the US ETF industry had 1,176 ETFs, assets of US$1,015.7 Bn, from 32 providers on 3 exchanges.
Assets
ETF assets have decreased by 5.5% from US$1,074.5 Bn in April 2012 to US$1,015.7 Bn in May 2012.
YTD through end of May 2012, ETF assets have increased by 8.1% from US$939.3 Bn to US$1,015.7 Bn.
Flows
In May 2012, ETFs saw net inflows of US$6.4 Bn. YTD through end of May 2012, ETFs saw net inflows of US$59.4 Bn.
Vanguard gathered the largest net inflows in May with US$6.7 Bn, followed by PIMCO with US$0.8 Bn and Van Eck Associates Corp with US$0.6 Bn net inflows.
Vanguard gathered the largest net inflows YTD with US$28.4 Bn, followed by iShares with US$12.5 Bn and SPDR ETFs with US$4.9 Bn net inflows. SPDR ETFs experienced the largest net outflows in May with US$1.4 Bn. Direxion Shares experienced the largest net outflows YTD with US$0.4 Bn, followed by ProShares with US$0.4 Bn and Bank of New York with US$0.3 Bn net outflows.
Summary for United States listed ETFs/ETPs
Including other Exchange Traded Products (ETPs), at the end of May 2012, the US ETF/ETP industry had 1,465 ETFs/ETPs, assets of US$1,137.0 Bn, from 49 providers on 3 exchanges.
Assets
ETF/ETP assets have decreased by 5.7% from US$1,206.3 Bn in April 2012 to US$1,137.0 Bn in May 2012. YTD through end of May 2012, ETF/ETP assets have increased by 7.1% from US$1,061.2 Bn to US$1,137.0 Bn. Flows
In May 2012, ETFs/ETPs saw net inflows of US$4.1 Bn. YTD through end of May 2012, ETFs/ETPs saw net inflows of US$63.2 Bn.
Vanguard gathered the largest net inflows in May with US$6.7 Bn, followed by PIMCO with US$0.8 Bn and Van Eck Associates Corp with US$0.6 Bn net inflows.
Vanguard gathered the largest net inflows YTD with US$28.4 Bn, followed by iShares with US$12.8 Bn and SPDR ETFs with US$5.9 Bn net inflows. SPDR ETFs experienced the largest net outflows in May with US$1.8 Bn. Deutsche Bank experienced the largest net outflows YTD with US$0.7 Bn, followed by Direxion Shares with US$0.4 Bn and Bank of New York with US$0.3 Bn net outflows.
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Source: ETFGI
BNY Mellon wins $1 billion Baton Rouge custody mandate
June 11, 2012--BNY Mellon, the global leader in investment management and investment services, has been named custodian for the roughly $1 billion Employees' Retirement System of the City of Baton Rouge and Parish of East Baton Rouge, Louisiana.
BNY Mellon Asset Servicing will provide custody and administration, accounting, and cash management services.
"BNY Mellon's level of quality and attention to client service was apparent throughout the custodian bidding process," said Jeff Yates, retirement administrator for the City of Baton Rouge. "We're confident in their ability to help us effectively manage and administer system assets for the benefit of our many active employees and retirees
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Source: BNY Mellon
Bearish ETF drinks up bad news
June 10, 2012--When Green Mountain Coffee Roasters Inc.'s price fell sharply last month, well-known hedge-fund manager David Einhorn wasn't the only winner.
John DelVecchio had a big bearish position on the coffee maker, handing his small fund a windfall as the stock tumbled 48% amid disappointing earnings. He had been ready for that moment for more than a year.
"That was kind of the 'aha' moment when everyone got it," Mr. DelVecchio said. "It certainly felt nice."
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Source: Financial News
Auto reinvestments scheme shaves ETF transaction costs
June 10, 2012--Precidian Investments wants to help investors more easily and cheaply reinvest exchange traded fund distributions through a new program.
The firm, provider of the Maxis Nikkei 225 ETF, has filed a request for exemptive relief with the Securities and Exchange Commission that would allow it to introduce what it calls the DTC Distribution Reinvestment Service for holders of its ETF.
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Source: FT.com
Vanguard secures lead in US ETF race
June 10, 2012--Vanguard has established a commanding lead in the race among US exchange traded providers for investors' cash in 2012 after posting a strong performance last month while its main rivals faltered.
Vanguard attracted net inflows of $6.7bn in May while the remainder of the US ETF industry recorded aggregate outflows of $2.5bn, according to the ETF Industry Association.
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Source: FT.com
CFTC.gov Commitments of Traders Reports Update
June 8, 2012--The current reports for the week of June 5, 2011 are now available.
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Source: CFTC.gov
Deutsche Bank - Equity Research -North America: US ETF+ Monthly Directory : May 2012 ETPs
June 8, 2012--This document includes all US listed exchange-traded funds (ETFs) and exchangetraded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs).
The directory is organized by asset class and asset-class-related sub sections. Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order. A number of key information points per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US).
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Source: Deutsche Bank-Equity Research-North America
Energy traders should be aware of CFTC's new powers, experts say
June 8, 2012--The Dodd-Frank Act gave the Commodity Futures Trading Commission powers to tackle energy-market manipulation, and experts say energy traders should be on guard.
"The CFTC and its senior enforcement officials have made clear that they're going to use their new authorities under Dodd-Frank aggressively, and will be focusing on manipulation and continue to focus on energy markets for manipulative or disruptive trading activities," says Michael Loesch, a former CFTC chief of staff who is a partner at Fulbright & Jaworski.
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Source: Risk.net
CFTC.gov Financial Data for Futures Commission Merchants Update
June 8, 2012--Selected FCM financial data as of April 30, 2012 (from reports filed by June 4, 2012) is now available.
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Source: CFTC.gov
July 1 Deadline Approaches for Disclosure of Compensation and Fees to ERISA Plans
June 8, 2012--Retirement plan fiduciaries and service providers to retirement plans are coming up to
the July 1, 2012, deadline for service providers to deliver disclosures of compensation to be received from their service arrangements with plans.
We have prepared this review
of the rules as a reference for those who are giving or getting these disclosures. Many of the questions that arise in connection with these requirements are fact-specific, so
the following should not be regarded as advice with respect to any particular person or situation.
Putting the Disclosure Requirement in Context
The Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (the Code) each contain rules about "prohibited transactions" involving employee benefit plans. (These rules are similar, but not identical, in the two statutes.)
Under ERISA, a fiduciary is prohibited from engaging in a prohibited transaction, to the point of having to unwind it, and the Code imposes excise taxes on the transaction. As a result, avoiding prohibited transactions is an important part of plan administration and providing services to plans. ERISA and the Code contain a number of statutory exemptions for categories of transactions that would otherwise be prohibited transactions.
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Source: Katten Muchin Rosenman LLP.
